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Jim Rogers on Nouriel Roubini
Wednesday, November 04, 2009
Billionaire Jim Rogers was on Bloomberg this morning and he sounded a little bit more cranky than usual, particularly when talking about current market conditions as they relate to the growing chorus of bubble callers, the most prominent of whom is Nouriel Roubini.
There's a related report at Bloomberg.com with a few more details, including another demonstration of Rogers' fixation with "homework".
Asked if he agreed with Roubini's recent bubble characterization for many asset markets, Rogers replied, "The only bubble I see forming in the Western world is the United States government bond market. ... It’s clear Mr. Roubini hasn’t done his homework, yet again."
7 comments:
Whatever anyone may say about Jim Rogers, he usually has done his homework...
I like Jim Rogers a lot, but, I do think that he's being a bit too cavalier in this particular instance.
Yeah, he's usually right, but obviously wrong in this case.
Ben,
Really???
Rogers is the guy that told people to pile into Chinese stocks just as the bubble there was peaking in late 2007.
He also said that cutting interest rates in response to the credit crunch was "pure madness" and "a disaster".
He may make money for himself, and a lot of it, but unless you're sitting right beside him, you have no idea if he's being honest or theatrical. He should have taken up acting, he's very good at it.
Chuck
Roubini and Jim Rodgers at odds over price of gold, oil and "asset bubbles" track who is right.. http://bit.ly/JmTiG
Tim,
Actually, my comment was a poor attempt at humor, in that virtually every time I see an interview with Jim, he looks like a 12 year old school boy who is reciting his lessons with a smattering of hyperboles. Maybe its the bowtie, but I can just imagine him swinging his legs above the floor but below the camera as he gets really excited about "homework." Those were the kids that were often right, sometimes wrong, but you always needed to pay attention to them.
Chuck,
With regard to timing markets, I think Rogers is on record as saying he is the world's worst market timer. Rogers has been wrong before, but so has Roubini.
Despite his statement about Roubini's homework, I see their differences as only a matter of degree. Rogers is right about some commodities being at only a fraction of their all time highs (with the obvious implication that they will get there again - although some of those all time highs he likes to quote were in the 70s), and Roubini is probably right that there are massive carry trades going on, artificially inflating prices with speculation. Both think there will be a correction, but differ as to its magnitude, I think. Either way, I'm sitting this one out for the time being.
Regarding your last comment: Of all the demagogues out there, I think Rogers is the straightest shooter. I guess I'm either foolish or not cynical enough yet to think otherwise.
Ben
Fact is both Rogers and Roubini predicted the popping of the credit bubble. So did a lot of people. Note that Rogers backed it up by publicly shorting financials leading into 2008. Don't know what Roubini did there. They are polar opposites on how to deal with the crisis. Roubini advocates more intervention and this is why he will not see the bubble in government bonds and the currency (not necessarily relative to other currencies). Deficits do eventually matter if they grow unchecked.
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